OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-12-31-accounts

REGISTERED COMPANY NUMBER: 00648041 (England and Wales) REGISTERED CHARITY NUMBER: 257303

TRUSTEES' REPORT AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

THE INSTITUTION OF AGRICULTURAL ENGINEERS

Landers Accountants Ltd Church View Chambers 38 Market Square Toddington Bedfordshire LU5 6BS

THE INSTITUTION OF AGRICULTURAL ENGINEERS

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page
Reference and Administrative Details 1 to 2
Trustees’ Report 3 to 11
Independent Examiner's Report 12 to 13
Statement of Financial Activities 14
Balance Sheet 15 to 16
Notes to the Financial Statements 17 to 25
Detailed Statement of Financial Activities 26 to 27

THE INSTITUTION OF AGRICULTURAL ENGINEERS

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024

TRUSTEES M S J Carr-West
S C Constable
K F P Franklin
P F Hemingway
G P Higginson
R J Merrall (resigned 17/4/24)
R J Rickson
R W Simmons
B D Grieve
M Whiting
M C Butler-Ellis
M R Moore
R D King
PRESIDENTM R Moore
COMPANY SECRETARY C D Nicklin
REGISTERED OFFICE The Bullock Building
University Way
CRANFIELD
Bedfordshire
MK43 0GH
REGISTERED COMPANY 00648041 (England and Wales)
NUMBER
REGISTERED CHARITY 257303
NUMBER
INDEPENDENT EXAMINER Landers Accountants Ltd
Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS
BANKERS HSBC
12 Allhallows
Bedford
Bedfordshire
MK40 1LJ

Page 1

THE INSTITUTION OF AGRICULTURAL ENGINEERS

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024

INVESTMENT MANAGER

Investec 30 Gresham Street London EC2 7QP

Page 2

Aims and Objectives

The remit of the Institution of Agricultural Engineers (IAgrE) were reviewed and the associated Memorandum and Articles of Association (updated in 2017) remain valid. Established in 1938 (as the Institution of British Agricultural Engineers), the overall aims of IAgrE was then, as it is now, to:

Prime objectives are all for the public benefit and, as ever, to continue with the drive to increase and broaden the membership base and raise the profile of IAgrE. Further information on the aims of the Institution are detailed in the Memorandum and Articles of Association which are published at www.iagre.org

Structure, Governance and Management

Structure

IAgrE is overseen by an Executive Committee whose members act as Trustees. These are also directors of the charity for the purposes of the Companies Act, and through this report, submit their annual report and the financial statements for the year ended 31[st] December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) (FRS 102) "Accounting and Reporting by Charities" 2[nd] edition issued in 2019 in preparing the annual report and financial statements of the charity.

IAgrE is a charitable company (charity number 257303) limited by guarantee (company number 00648041) and is governed by a Memorandum and Articles of Association. The principal address and registered office of the charity is The Bullock Building, University Way, Cranfield, Bedford, MK43 0GH.

IAgrE is regulated by both the Charities Commission and by Company Law. An Advisory Council assists in setting the overall direction and policy of the Institution. The Council is elected by the corporate (voting) members of IAgrE. Operationally, the IAgrE is run by its Chief Executive Officer (CEO) supported by the Executive Committee which is appointed annually at the Annual General Meeting (AGM) and is responsible for executive action on all matters within the policy framework approved by Council, including Finance and General Purposes.

A Summary of the Executive meetings were presented and discussed, including conference, strategy, audits and projects. Advisory Council meetings are also used to update and record the ongoing activities of IAgrE local branches.

In the early part of 2024 a membership survey was conducted to understand our members views on the Landwards journal produced by the institution. The first Council meeting of 2024 took a deep dive into the survey results and the wider content on offer. Council members discussed and debated many topics and provided feedback with a number of ideas.

Another topic for discussion was around increasing institution membership. Council members discussed and debated the topic and provided feedback with a number of ideas including groups and sectors to target and potential marketing and promotional ideas to boost visibility.

Health and Safety

IAgrE provides a Health and Safety Policy document. This is updated regularly. All staff are routinely reminded of its existence.

Staff

Charles Nicklin is employed (full time) in the role of Chief Executive Officer and Company Secretary, as well as being a Chartered Engineer and Fellow of the Institution. In addition, Mr Nicklin is also a Director of the Land-based Engineering Training and Education Committee.

Alison Chapman is employed (full time) as Membership Secretary and is closely involved in the operation of the Membership Committee, as well as all tasks relating to personal membership and registration administration.

Sarah McLeod is employed (9 days/fortnight) as the Business and Events Secretary. She organises the Annual Conference, including other events and supports the members, branches and groups. She also manages the Continual Professional Development audit as well as supporting and coordinating the various panels and committees.

Marion King is contracted as Communications Officer 2 days/week. She completes press releases, marketing material and continues to raise the profile of IAgrE through social media via Facebook, LinkedIn and Twitter.

Jo Martindale is contracted as Bookkeeper for 2 days/week. She works closely with the Secretariat team and accountants, processing relevant financial tasks and information.

Risk Management

Advisory Council

Advisory Council meetings take place twice a year and are used to discuss matters of strategic importance to IAgrE. The meeting allows the operational team to update the Advisory Council on key areas of progress and for the Council members to provide input and direction to future strategy. Advisory Council meetings are held online, which allow more inclusivity and better accessibility for the members.

The first meeting of 2024 was held on the 7[th] March, the second was on the 14[th] November.

The Trustees are responsible for the management of risks faced by the Institution and seek early identification, evaluation and effective management and mitigation of key risks. Potential risks, impact and mitigation are identified by the IAgrE CEO and are considered by Trustees at all Executive Committee meetings. The principal risks identified are:

Page 3

Statement of disclosure to Independent Examiner

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware:

The trustees also confirm that they have taken due regard to Charity Commission guidance on public benefit.

Trustees

The Trustees of IAgrE on the date of approval of the financial statements were:

Dr M Moore, President Prof B Grieve Mr S C Constable, Past President Mr P F Hemingway Mr K F P Franklin, President Elect Mr G P Higginson Prof R J Rickson, Hon Treasurer Mr R D King Dr M C Butler Ellis Dr R W Simmons Mr M S J Carr-West Mr M Whiting

Review of Activities

Overview

IAgrE continues to place emphasis on the five-year development plan and continues to make progress in delivering the business objectives which, whilst maintaining the need to operate within Charities rules and best practice have been set against the following business development themes:

The Secretariat continued to progress these developments during 2024.

In 2024 the sampling of IAgrE members Continuing Professional Development (CPD) records continued in accordance with the Regulations. Those members who failed to engage with the CPD requirements were contacted to encourage their full cooperation. If they still failed to engage with the sampling process they were added to the following year’s cohort of members to be sampled. Successful use has been made of the Engineering Council “Mycareerpath” platform for recording and sampling members CPD. Those members chosen for the CPD sampling exercise have benefited from good quality feedback which has been well received. IAgrE engages with a CPD forum to share best practice with other organisations and also contributes to an Engineering Council working group for this activity. Use of the institutions smart phone app supports regular logging of CPD activity.

The Membership Committee continued to work effectively with good feedback from the Engineering Council Liaison Officer. All IAgrE procedures, forms and guidance notes, were reviewed and updated as required, with necessary training completed. EngTech registration continues to be focussed on to engage more proactively with undergraduates and graduates with regard to their first step in professional development.

IAgrE continues to be actively involved with committee work for both licencing bodies for professional engineers and environmentalist registration.

Strategic Developments

2024 continued to build on the strategy laid out in the previous year. The priorities forming the strategic development plan remain and include:

Page 4

The annual conference was held on the 6[th] November at Rothamsted Research in Harpenden Hertfordshire. The 2024 conference did not focus on a technical subject, but on how the sector needs to work together to solve the issues faced. The institution invited a selection of high profile stakeholders and asked them “What do they want from Agricultural Engineers”. By encouraging the thought process between the different stakeholders, it was highlighted what engineers working in agriculture need to focus on for the future. Representatives presented their requirements from UK and EU policy, food processing and retail, and livestock and crop production. Finally, a farmer shared the challenges faced when integrating new technology into their businesses, so they can achieve the things politicians, the food chain, and consumers are asking for. Following the presentations, the conference culminated in a Q&A panel comprising of the speakers. All the presentations were made available to view through the digital channels. The Q&A panel session was not recorded in order to promote the benefits of attending the live discussion.

IAgrE places a strong emphasis on supporting Engineering UK and the Engineering Council.

IAgrE receives many requests for contributions to a range of consultations led by the RAEng and other national bodies. Where possible and relevant, IAgrE will commit resources to support these initiatives on behalf of the wider membership.

The Institution’s interests continue to be represented at the Engineering Council and Royal Academy of Engineering at numerous Committees and Working Groups including:

IAgrE continues with a productive working relationship with the Royal Academy of Engineering (RAEng) and is actively involved with a number of Academy initiatives. IAgrE is actively engaged in the RAEng National Engineering Policy Centre (NEPC) which was set up in 2018. This has been effective in raising the profile of engineering for sustainable food production and global food security with policy influencers. Policy work on subjects such as energy, data, communications, autonomous vehicles and drones, are all benefiting from IAgrE input.

A notable project during 2024 was undertaken with the Pan African Society of Agricultural Engineers (PASAE), funded by the Royal Academy of Engineering’s Africa Catalyst programme, with IAgrE acting as the UK partner. The projects objective was to raise awareness of Agricultural Engineering in sub-Saharan Africa; a key driver in transforming agriculture to deliver food security and to support economic prosperity. The project focussed on raising public awareness of the discipline, promoting professional body membership and developing continual professional development opportunities. During the project a delegation of South African engineers visited the UK and met with a number of professional bodies to discuss membership engagement, and key topics such as equity, diversity and inclusion. During October, IAgrE Honorary Fellow Alastair Taylor and CEO Charles Nicklin attended the PASAE conference in Cape Town and delivered keynote speeches as part of the project.

Partnership and collaborations continue to be an important part of the IAgrE remit. The institution engaged with a number of organisations on a variety of topics throughout the year in areas such as food security, net zero carbon challenges, sustainability and education and training.

The Institution continues engagement with other Professional Engineering Institution’s (PEIs), industry bodies, universities, colleges and companies covering a range of topics such from apprenticeships to engineering for food production. The IAgrE continues to look to accredit courses and programmes in the landbased and environmental education sector.

All of these ensure that the IAgrE maintains a high profile within the Engineering Council and Royal Academy of Engineering and is kept up-to-date with policy and standards.

Malcolm Carr-West sits on the Engineering Council Quality Assurance Committee and is also the Liaison Officer for the Institute of Applied Acoustics. Graham Higginson volunteered as the Engineering Council Liaison Officer for the Institute of Chemical Engineers and has recently stepped down and will be replaced in 2025. Additionally, Mr Carr-West acts as an alternate to the IAgrE CEO on important Engineering Apprenticeship and Technician Qualification matters.

Land-based Engineering Training and Education Committee

IAgrE continues to work closely with the Agricultural Engineers Association (AEA) and the British Agricultural and Garden Machinery Association (BAGMA) through the Land-based Engineering Training and Education Committee (LE-TEC) to support apprenticeship development, training courses and careers promotion. LE-TEC is a limited company with IAgrE as an equal partner alongside AEA and BAGMA. LE-TEC undertake promotional activity via its We are land-based initiative targeting 14 to 16 years olds to advocate careers in the sector.

Focus continues to be placed on membership and Engineering Technician (EngTech) registration with the Engineering Council for technicians with discussions ongoing with major equipment manufacturers and dealerships. EngTech registration should be seen as a clear indication of professional competence, which is a key career milestone.

The Milking Equipment Association (MEA) operates the Milking System Technician Accreditation (MSTA) scheme for milking equipment which is now well established. There are currently three categories of competence in the scheme, with the top two levels recognised and approved by IAgrE for EngTech registration.

Services to Technicians, Engineers and Environmentalists

IAgrE continues to promote professionalism through the marketing of professional qualifications at all levels from Engineering Technician through to Chartered Engineer, along with Environmentalist registration.

Page 5

Education

IAgrE’s focus has continued on building relationships with colleges and universities, and provides talks and seminars as required. IAgrE’s student membership is subsidised by the Douglas Bomford Trust (DBT) and is afforded to UK students and apprentices following recognised qualifications in agricultural engineering and associated subjects. Working with industry through LE-TEC, IAgrE continues to support the development of apprenticeship programmes in Land-based Service Engineering at foundation and advanced levels. The English apprenticeship standards underwent a significant content update during 2024, which was supported by IAgrE. The advanced level has subsequently been re-approved as meeting the requirements for EngTech registration. The updated apprenticeships will be rolled out mid-2025. In order to further both employers and training providers the IAgrE has held a number of workshops through 2024 explaining the changes.

IAgrE has additionally supported the content development of the Technical Level (T-Level) qualification in Land-based Engineering, which has continued to be adopted by further education providers during 2024. In due course it is IAgrE’s desire that the T-Level, equivalent to 3 A-Levels, will be recognised as fulfilling the academic requirement for EngTech registration with the Engineering Council.

Along with the AEA, IAgrE are on the “Employer Directory” for the Institute for Apprenticeships and Technical Education (IfATE), this allows both bodies to provide industry experts to be called upon by the Office of Qualifications and Examinations Regulation (Ofqual) for auditing tasks. The IAgrE is also part of the City & Guilds industry board for technical input into course content.

In higher and post graduate education IAgrE continues its involvement in course validation and also sits on the AgriFoRwArdS Centre for Doctoral Training Board reviewing projects for research degrees.

Society for the Environment

IAgrE continues to maintain a productive working relationship with the Society for the Environment. IAgrE offer two grades for Environmental Registration, Registered Environmental Practitioner (REnvP) and Chartered Environmentalist (CEnv). Environmental focus continues to be a strong theme for IAgrE and is intrinsically linked to agriculture and food production. Awareness of the Society for the Environment professional registration continues to increase, however further focus is needed in the agricultural sector. IAgrE continues to promote registration with agricultural and associated businesses. IAgrE Honorary Fellow Alastair Taylor remains closely involved with the Society for the Environment and holds the role of Chief Licence Reviewer. IAgrE Fellow Graham Higginson is a board member of the society and also sits on their Registration Authority.

Publications

The Publications Management Committee meets regularly to facilitate and monitor the development of all IAgrE publication activities.

Biosystems Engineering, IAgrE’s scientific journal, continues to increase both its “impact factor” and “citation”, both key measures’ for peer review journals. The Editorial team works hard to maintain the high quality of published papers. The number of papers submitted to Biosystems Engineering continues to grow and approached 2000 during 2024. Increased paper submissions has

meant a reduction in the acceptance rate; therefore a number of special editions are being produced, continuing into 2025.

The editorial team during 2024 comprises as follows:

Biosystems Engineering remains an important component of IAgrE’s portfolio. A substantially reduced on-line subscription to Biosystems Engineering is available to IAgrE members. Income remains stable, but due to the significant rise in submissions the editorial costs continue to increase. Various actions have been taken to meet the increased submissions rate and also make better use of available papers by publishing special issues focussed on key subject areas. Biosystems Engineering is a “hybrid” journal in that it supports open access papers. The amount of open access papers continues to increase and pose concern to the current publishing model of a subscription journal. Regular meetings are held with the publisher in order to monitor the situation and support discussion on the strategic direction of the journal.

Landwards, IAgrE’s membership journal, continues to receive positive comment. As the journal has been under a new editorial team for a number of years now, a reader’s survey was conducted during 2024 to understand any changes that need to be implemented. The survey results were very positive and various suggestions are being actioned appropriately. The editor’s role is to present the Institution, its members, its views and activities in a positive light. The journal needs to strike a fine balance to satisfy the requirements of a diverse membership the sector brings. There is a desire to include increased technical content, but not so much that it becomes an academic journal. Institutional, branch and member activities continue to provide a range of content for publication. Regular pre-production meetings are held with the IAgrE Secretariat team prior to its publication. The journal remains a “window into the world of agricultural and land-based engineering”.

Landwards eXtra is a means for members to publish articles in an electronic-only format for membership use. eXtra accepts papers that do not meet the academic requirements for Biosystems engineering and are too detailed and lengthy for inclusion in Landwards. Acceptance of eXtra papers are decided on by the Landwards editor and CEO.

Branches

Regional branches are active around the country although some of these do have difficulties maintaining a viable programme and rely totally on the commitment of volunteers. These branches offer a

Page 6

useful range of events and meetings which are well received by members. A few areas continue to run without an effective branch but every effort is made to accommodate members in these areas, by both including such members in adjacent groupings of “special” events at or close to their geographical location. The use of video conferencing platforms have been made good use of for many branches. These on-line platforms have removed geographical barriers for attendance for people outside the regions, leading to a significant increase in participation.

CNH Industrial Postgraduate Award ;

Patrick Kearns, University of Nottingham - Final year project “Understanding the effects of Beta Glucan rich hydrocolloids produced from different barley milling fractions on the rheological and textural properties of Chocolate”

IAgrE Student Project Award;

James Turner, Coleg Sir Gar – for his project “Rear mounted bale loader”

IAgrE Student Project Safety Award ;

Volunteers

Volunteers form the backbone of the IAgrE and are closely involved with the Executive Committee, Advisory Council, Branches, Specialist Groups, Membership, Professional Development, Publications Management and Awards Committees. These work well with Secretariat staff who work hard to secure more involvement from a wider group of membership volunteers. The IAgrE remains indebted to its volunteers and would like to thank them for their contribution and commitment.

Awards

IAgrE held its annual AGM and Awards ceremony in person at the Case New Holland UK Headquarters, Basildon on the 24[th] April 2024. After the receiving of the awards and following lunch, the delegates were treated to a variety of presentations and a tour of their tractor manufacturing operations.

The winners of the various awards were as follows:

IAgrE Honorary Fellowships;

Dr Bill Day FIAgrE

IAgrE Award of Merit;

No award made in 2024

IAgrE Award for Contribution to the International Land-based Sector;

Umezuruike Linus Opara CEng FIAgrE

IAgrE Award for Contribution to Land-based Sector; Michael Cullen MIAgrE

Hywel Bowen, Coleg Sir Gar – for his project “ Hydraulic slurry chute ”

The IAgrE British Guild of Agricultural Journalist Award, awarded for the best article/broadcast on the application of engineering within the land-based sector from a member of the Guild; Winner – Oli Mark for his feature in the Farmers Weekly “Northern Ireland farm turns slurry and food waste into bio-LNG fuel”.

Runner up – Emma Penny for her feature in the Farmers Guardian “Carbon neutral haulage drives on-farm opportunities”.

Technical Lectures, Podcasts and Special Interest Groups

The IAgrE continues to host and support a number of Special Interest Groups (SIGs) for not only its membership, but the wider community. The groups cover specialist interest in areas such Robotics and Autonomous Vehicles, Engineering for Food & Drinks, Health & Safety and Soil & Water.

IAgrE continued with its Lunchtime Lectures series through 2024. 12 one hour lectures and a number of workshops covering a broad range of subjects from across the sector globally were produced. Presentations ranged from powertrain design and decarbonising agricultural machinery to agro-forestry and renewable energies. Through the year there have been a number of lectures focussing on diversity and inclusion, which have been well attended by members.

During 2024 a number of Podcasts were recorded with various key people from the agricultural engineering sector. The Podcasts cover a variety of topics from people’s careers, technology development, exhibition reviews, etc.

The President’s Award;

Diogenes Antille CEng CEnv MIAgrE

IAgrE Branch Meritorious Service Award;

Padraig O’Kane MIAgrE

Douglas Bomford Paper Award;

Tomas Norton FIAgrE, for his contribution in the paper “ Automatic detection of locomotor play in young pigs: A proof of concept” . The paper was published in Biosystems Engineering Volume 229

Douglas Bomford Environmental Engineer Award;

All digital material is available for future use via the organisation’s media channels.

IAgrE also supported various events, in conjunction with the Farm Safety Partnership, NFU, Lincoln University, etc. Further expansion of SIGs to cover new technologies/subjects will continue to be explored.

Events

David Cooper CEng CEnv MIAgrE

Douglas Bomford Environmental Engineer Team Award;

Severn Trent Water – Soil health improvement project Led by Marion Perrett-Pearson CEnv MIAgrE

IAgrE Team Achievement Award;

No award made in 2024

IAgrE Ivel Environmental Innovation Award;

Kverneland Group UK – Pudama precision fertiliser system

CNH Industrial Undergraduate Award ;

Aled Beech, Harper Adams University – Final year project “Concept Development of a Control Traffic Farming Bale Depositor to fit a 1.2m Bale Width Large Square Baler”

IAgrE participates in relevant events, supported by its membership. Activities of note during the year included:

Page 7

It is a key strategic item to promote and consequently increase registration figures going forward.

The breakdown of registrants is shown below:

Equity, Diversity and Inclusion

IAgrE continues to ensure inclusivity in all aspects of its activities. Various lectures were given through 2024 to support members professional development in areas of ED&I. The D&I committee’s remit remains to advise the Institution in terms of its practice, approach and development of equity, diversity and inclusion. This committee continues to be operational and feeds into institution activity on a regular basis. The prime objective of the committee is to ensure that the institution remains welcoming to all.

Membership and Registration Numbers

IAgrE exists as an organisation in order to offer professional qualifications, not only because it has licences from the Engineering Council and Society for the Environment to do so, but also as a professional organisation in its own right offering professional status via a suite of membership grades. To maintain this status, IAgrE has to be seen to have fair, rigorous and transparent procedures. These procedures are used by the IAgrE Membership Committee and audited by the IAgrE Internal Audit Panel. The efficient operation of these two groups is essential to the smooth running of IAgrE. The Internal Audit Panel reporting procedures ensure that the Advisory Council and Executive are informed of outcomes.

It is fully recognised that growth is essential and remains a key item for the IAgrE’s strategic development. Despite the positive growth in 2023, 2024 ended with a deficit of 24 members. The Institution continues to engage with business and education through its contacts and other initiatives to promote commercial and academic membership.

At the year-end, the breakdown of membership was as follows:

2024 2023 Change
Hon Fellow* 18 18 0
Fellow* 109 113 -4
Member* 566 569 -3
Associate Member* 167 179 -12
Technician 42 36 6
Affiliate 129 139 -10
Commercial & Academic 61 62 -1
Total 1092 1116 -24

* Corporate (voting) Members

Continual contact with both colleges and universities, has meant Student membership of IAgrE (not shown above) was consistent from 2023 to 2024. The focus on Technician membership and EngTech registration, especially for both under graduates and graduates, should support longer term membership of the institution.

There is a significant percentage of membership who are professionally registered with the Engineering Council and/or the Society for the Environment through IAgrE. Despite membership growth, the registered member figures have declined during 2024. The retiring and passing of senior institution members are more likely to be registered than new members entering the organisation, so these figures are not unsurprising.

2024 2023 Change
Chartered Engineer
Incorporated Engineer		 161
99		 162
106		 -1
-7
Engineering Technician 71 77 -6
Chartered Environmentalist 102 105 -3
Environmental Practitioner
Totals		 2
435		 1
451		 1
-17

The IAgrE continues to work with the Engineering Council, the Society for the Environment and other organisations and does feel it is possible to reverse this decline. EngTech registration is a key strategic activity to support the latter and there are a number of projects being progressed.

Financial Review

Results

The Statement of Financial Activities (SOFA) for the year is set out on page 14 of the financial statements. The overall surplus for the year is £8,038, which represents an increase compared to the 2023 surplus of £2,294. The surplus includes an unrealised gain on investments of £26,168, compared to an unrealised gain of £35,813 in the prior year. When excluding unrealised gains/losses on investments, the net result for 2024 is a loss of £18,130, compared to a loss of £33,519 in 2023.

Total income increased from £396,729 in 2023 to £426,377 in 2024. Within this total, members' subscriptions have increased by £5,603 to £165,037, compared to £159,434 in 2023. The income from publications increased from £207,786 to £220,889 in 2024. There were conference sales of £5,782 in 2024, however in 2023 the conference was online. Included within other income is £5,733 from the Pan African Society of Agricultural Engineers (PASAE) project undertaken during 2024, funded by the Royal Academy of Engineering’s Africa Catalyst programme.

Expenditure relating to charitable activities increased from £433,352 in 2023 to £464,948 in 2024. The main reasons for the increases were as follows:

On 31 December 2024, total fixed asset investments stood at £860,018. Unrealised gains on these assets in 2024 are £26,168; compared to an unrealised gain in 2023 of £35,813.

Reserves and Investments Policy

The Trustees continue to monitor and review IAgrE's need for reserves, and associated investments, in line with the guidance issued by the Charities Commission.

Page 8

The financial reserves have been set aside over the years to provide financial stability, business continuity, and the means for the development of IAgrE's principal activities as defined in the Memorandum and Articles of Association.

Total reserves (£1,202,994) are maintained at a level that is at least equivalent to two to three year's budgeted expenditure. Part of the total reserve is held as Designated Funds. A Building Fund for the replacement of the Secretariat building stands at £440,000. The IAgrE lease with Cranfield University runs to 2056 and, whilst there is no plan to move from Cranfield in the foreseeable future, it is considered prudent to continue to allocate reserves, whilst circumstances allow, against possible future building purchases.

Going forward the institution will continue in setting some of its reserves against growth, and so is likely to show a small annual deficit for the short term.

Annual IAgrE budgets are set to break even, with exceptional expenditure authorised from reserves from time to time. Reserves are utilised for the benefit of the whole membership at the Advisory Council's discretion.

Summarised Financial Statements

Summarised financial statements are shown on pages 10 and 11 of the IAgrE Annual Report and Summary Accounts. These are extracted from pages 14 and 15 of the full statutory Trustees Report and Financial Statements of the Institution of Agricultural Engineers which were approved by the Executive Trustees on 16[th] April 2025. The full financial statements, on which Landers Accountants Ltd gave an unqualified independent examiner's report on 16[th] April 2025 will be submitted to the Charity Commission and Companies House.

The reporting accountants have confirmed to the Trustees that, in their opinion, the financial statements are consistent with the financial records held by the IAgrE secretariat for the year ended 31 December 2024.

Further Information

The IAgrE Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

These summarised financial statements may not contain sufficient information to gain a complete understanding of the financial affairs of the charity. The full statutory Trustees Report and Financial Statements and reporting accountants report may be obtained from the IAgrE Secretariat:

Institution of Agricultural Engineers

The Bullock Building, University Way, Cranfield, Bedford MK43 0GH

Looking Forward

2024 was seen as a much more settled year with more stabilised energy costs and interest rates continuing in the steady downward trajectory. Despite this, the cost of goods and services have remained at increased levels. The end of 2024 saw a change in government in the UK and the initiation of a change of presidency in the US, the effects of which will be felt in 2025.

The UK agricultural sector continues to be under significant pressure, some inflicted by government and some due to low commodity pricing, along the variable effects of weather. For these reasons and others, the end of 2024 saw a slump in machinery and infrastructure investment, the results of which continue to ricochet through the sector.

Despite the financial challenges people are facing, the membership figures have remained relatively stable, albeit lower than 2023 and IAgrE continues to provide value for money content and professional services. Climate action, sustainability of food production and the environment are key themes running through the agricultural and land-based sector. It is engineers, scientists and technologists that will be called upon to resolve the global challenges faced.

The Institution of Agricultural Engineers intends to move forward and meet its key aims by:

M Moore, President R J Rickson, Hon Treasurer

Page 9

Consolidated Statement of Financial Activities incorporating Income and Expenditure Account for the year ended 31st December 2024

Total Funds Total Funds
2024 2023
£ £
Incoming Resources
Incoming resources from generated funds:
Voluntary Income:
Donations 27 66
Activities for generating funds:
Other income 14,050 7,766
Investment income 20,592 21,677
Incoming resources from charitable activities:
Members’ subscriptions and fees 165,037 159,434
Income from publications 220,889 207,786
Conference 5,782 -
Total incoming resources 426,377 396,729
Resources expended
Cost of generating funds:
Investment management costs 8,199 6,631
Cost of charitable activities 442,334 418,377
Governance Costs 14,415 8,344
Total resources expended 464,948 433,352
Net incoming resources before other recognised gains (38,571) (36,623)
Other recognised gains
Realised gains on investment assets 20,441 3,104
Net income for the year (18,130) (33,519)
Unrealised gains on investment assets 26,168 35,813
Net movement of funds 8,038 2,294
Reconciliation of funds
Total funds brought forward 1,194,956 1,192,662
Total funds carried forward 1,202,994 1,194,956

Page 10

Balance Sheet as at 31[st] December 2024

2024 2023
Fixed assets £ £
Tangible assets 1,995 2,865
Investments 860,018 821,381
862,013 824,246
Current assets
Stock 3,760 3,760
Debtors 252,723 220,499
Short term deposits 69,836 124,476
Cash at bank and in hand 65,107 76,612
391,426 425,347
Creditors: Amounts falling within one year (50,445) (54,637)
Net current assets 340,981 370,710
Net assets 1,202,994 1,194,956
Unrestricted funds
Designated funds 440,000 440,000
Revaluation funds 118,484 91,506
General funds 644,510 663,450
Total funds 1,202,994 1,194,956

These financial statements were approved by the Executive and authorised for issue on 16[th] April 2025 and signed on their behalf by:

Dr Mark Moore (President)

Professor Jane Rickson (Honorary Treasurer)

Page 11

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INSTITUTION OF AGRICULTURAL ENGINEERS

Independent examiner's report to the trustees of The Institution of Agricultural Engineers ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Page 12

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INSTITUTION OF AGRICULTURAL ENGINEERS

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Robert Brown

Landers Accountants Ltd Church View Chambers 38 Market Square Toddington Bedfordshire LU5 6BS

16 April 2025

Page 13

THE INSTITUTION OF AGRICULTURAL ENGINEERS

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
4
Members' subscriptions and fees
Publications
Conference
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
Investment management costs
5
Charitable activities
Members' subscriptions and fees
Publications
Governance
Conferences
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Other recognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.12.24
Unrestricted
funds
£
27
165,037
220,889
5,782
20,592
14,050
426,377
8,199
8,199
326,832
110,692
14,415
4,810
464,948
20,441
(18,130)
26,168
8,038
1,194,956
1,202,994		 31.12.23
Total
funds
£
66
159,434
207,786
-
21,677
7,766
396,729
6,631
6,631
310,422
107,915
8,344
40
433,352
3,104
(33,519)
35,813
2,294
1,192,662
1,194,956

The notes form part of these financial statements

Page 14

THE INSTITUTION OF AGRICULTURAL ENGINEERS

BALANCE SHEET 31 DECEMBER 2024

Notes
FIXED ASSETS
Tangible assets
9
Investments
10
CURRENT ASSETS
Stocks
11
Debtors
12
Investments
13
Cash at bank
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
16
Unrestricted funds:
General fund
Designated building fund
Revaluation fund
TOTAL FUNDS		 31.12.24
Unrestricted
funds
£
1,995
860,018
862,013
3,760
252,723
69,836
65,107
391,426
(50,445)
340,981
1,202,994
1,202,994
644,510
440,000
118,484
1,202,994
1,202,994		 31.12.23
Total
funds
£
2,865
821,381
824,246
3,760
220,499
124,476
76,612
425,347
(54,637)
370,710
1,194,956
1,194,956
663,450
440,000
91,506
1,194,956
1,194,956

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The notes form part of these financial statements

Page 15

THE INSTITUTION OF AGRICULTURAL ENGINEERS

BALANCE SHEET - continued 31 DECEMBER 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 16 April 2025 and were signed on its behalf by:

M R Moore - Trustee

R J Rickson - Trustee

The notes form part of these financial statements

Page 16

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

The charity is a private company limited by guarantee, registered in England and Wales. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Its registered office and principal place of business is The Bullock Building, University Way, Cranfield, Bedfordshire, MK45 0GH.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The presentation currency is the Pound Sterling.

The accounts are rounded to be the nearest £1.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Members' subscriptions and fees received in advance are deferred to the period to which they relate.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure includes any VAT which cannot be fully recovered, which is reported separately in the total resources expended note.

Costs of raising funds comprise the costs incurred in managing the charity's fixed asset investments.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent review fees and costs linked to costs linked to the strategic management of the charity.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on a staff time basis.

Page 17

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on cost Computer equipment - 25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is the cost incurred in bringing each product to its present location and condition. Net realisable value is based on estimated selling price less further costs to be incurred to completion and disposal.

Taxation

The company is a charity within the meaning of the Finance Act 2010 (schedule 6, paragraph 1). Accordingly the company is potentially exempt from taxation in respect of income or capital gains within categories covered by the Corporation Tax Act 2010 (part 11, chapter 3) or the Taxation of Chargeable Gains Act 1992 (section 256), to the extent that such income or gains are applied exclusively to charitable purposes. No tax charge arose in the period.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market values.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, investments are measured at fair value with changes recognised in 'net gains/(losses) on investments' in the SOFA where investments are publicly traded or their fair value can otherwise be measured reliably.

Page 18

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Investments

Current asset investments are short term liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised within expenditure.

3. INVESTMENT INCOME

INVESTMENT INCOME
31.12.24 31.12.23
£ £
Income from managed funds 20,592 21,677

4. INCOME FROM CHARITABLE ACTIVITIES

Income from members' subscriptions and fees includes £17,242 (2023: £16,000) received in relation to optional member subscriptions to separate organisations, namely the European Society of Agricultural Engineers, the Society for the Environment and the Engineering Council. Such amounts are payable by members and transferred to the other organisations.

Income from publications primarily consists of receipts in respect of the Biosystems Engineering journal. Under the agreement with the publisher, The Institution of Agricultural Engineers benefits from a minimum guaranteed receipt. An increase in the guaranteed income receivable resulted in an additional £59,819 of accrued income being recognised in 2024.

5. INVESTMENT MANAGEMENT COSTS

INVESTMENT MANAGEMENT COSTS
31.12.24 31.12.23
£ £
Portfolio management 8,199 6,631

The charges above are in relation to collective fund charges. These are ongoing charges relating to funds held within the portfolio, these are deducted internally within the funds concerned and are not charged through the investment account. These are reflected in the unit price of the fund.

Page 19

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

6. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.24 31.12.23
£ £
Independent examiner's remuneration 3,000 2,825
Depreciation - owned assets 870 835
Independent examiner's remuneration for non audit work 4,284 3,996

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

8. STAFF COSTS

Staff costs were as follows:

Wages and salaries
Social security costs
Employer's contribution to defined contribution pension schemes
Subcontracted finance and administrative support		 31.12.24
£
145,647
10,330
5,627
20,340
181,944		 31.12.23
£
138,580
9,510
5,137
22,340
175,567

The average monthly number of employees during the year was as follows:

31.12.24 31.12.23
Senior management 1 1
Administrative 2 2
3 3

The total amount of remuneration received by key management personnel was £89,647 (2023 - £85,382).

Page 20

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

9.
TANGIBLE FIXED ASSETS
Fixtures
and
Computer
fittings
equipment
£
£
COST
At 1 January 2024 and
31 December 2024
4,111
9,732
DEPRECIATION
At 1 January 2024
2,750
8,228
Charge for year
445
425
At 31 December 2024
3,195
8,653
NET BOOK VALUE
At 31 December 2024
916
1,079
At 31 December 2023
1,361
1,504
10.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2024
Additions
Disposals
Revaluations
Realised gain, reinvested
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Totals
£
13,843
10,978
870
11,848
1,995
2,865
Unlisted
investments
£
821,381
221,014
(221,690)
18,872
20,441
860,018
860,018
821,381

Investments are held in the following categories at the year end:

Inside UK Outside UK
£
£
Properties
27,384
-
Unit trusts
75,786
499,775
Fixed interest securities
142,386
48,803
Cash
29,954
-
Other investments
65,887
-		 31.12.24
£
27,384
575,558
191,189
29,954
65,887
889,972		 31.12.23
£
39,120
529,105
170,841
14,184
68,131
821,381

Page 21

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

10. FIXED ASSET INVESTMENTS - continued

The value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.

The historic cost of the fixed asset investments as at 31 December 2024 was £771,478 (31 December 2023: £739,059)

11. STOCKS

Postage
Stationery
Ties
Printing
12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
VAT
Prepayments and accrued income
13.
CURRENT ASSET INVESTMENTS
Listed investments
Short term cash investment		 31.12.24
£
200
500
60
3,000
3,760
31.12.24
£
4,823
4,719
243,181
252,723
31.12.24
£
29,954
39,882
69,836		 31.12.23
£
200
500
60
3,000
3,760

31.12.23
£
250
7,637
212,612
220,499

31.12.23
£
9,738
114,738
124,476


Short term deposits have an original maturity of 12 months and on average the interest rate for the year was 4.50 %.

Page 22

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24 31.12.23
£ £
Trade creditors 15,247 24,338
Social security and other taxes 3,960 3,919
Other creditors 1,538 767
Accruals and deferred income 29,700 25,613
50,445 54,637

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years
16.
MOVEMENT IN FUNDS
Net
movement
At 1.1.24
in funds
£
£
Unrestricted funds
General fund
663,450
8,038
Designated building fund
440,000
-
Revaluation fund
91,506
-
1,194,956
8,038
TOTAL FUNDS
1,194,956
8,038
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
426,377
(464,948)
TOTAL FUNDS
426,377
**(464,948) **		 31.12.24
£
1,284
642
1,926
Transfers
between
funds
£
(26,978)
-
26,978
-
-
Gains and
losses
£
46,609
46,609		 31.12.23
£
1,284
1,926
3,210
At
31.12.24
£
644,510
440,000
118,484
1,202,994
1,202,994
Movement
in funds
£
8,038
8,038

Page 23

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

16. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Designated building fund
Revaluation fund
TOTAL FUNDS		 At 1.1.23
£
696,974
440,000
55,688
1,192,662
1,192,662		 Net
movement
in funds
£
2,294
-
-
2,294
2,294		 Transfers
between
funds
£
(35,818)
-
35,818
-
-		 At
31.12.23
£
663,450
440,000
91,506
1,194,956
1,194,956

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
396,729
396,729		 Resources
expended
£
(433,352)
(433,352)		 Gains and
losses
£
38,917
38,917		 Movement
in funds
£
2,294
2,294

General fund: To cover cash flow volatility. This fund represents the balancing amount once the required transfers are made to the other funds.

Designated building fund: The directors have set aside funds towards the replacement of the Secretariat Building.

Revaluation fund: The revaluation fund is required by the Companies Act 2006 and represents the amount by which fixed asset investments exceed their historical cost.

Page 24

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2024 (2023 :£nil)

Page 25

THE INSTITUTION OF AGRICULTURAL ENGINEERS

DETAILED STATEMENT OF FINANCIAL ACTIVITIES DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
31.12.24 31.12.23
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 27 66
Investment income
Income from managed funds 20,592 21,677
Charitable activities
Subscriptions and fees 165,037 159,434
Publications 220,889 207,786
Conference **5,782 ** -
391,708 367,220
Other income
Other income 14,050 7,766
Total incoming resources 426,377 396,729
EXPENDITURE
Investment management costs
Portfolio management 8,199 6,631
Charitable activities
Staff costs 166,048 163,625
Accommodation and premises costs 8,908 5,704
Office/stationery costs 6,823 5,584
Computer costs and support 4,493 4,720
Conference costs 4,810 40
Costs associated with publications 178,145 177,827
Meetings and travel costs 10,063 6,450
Public relations and recruitment 2,552 2,528
Subscriptions to other organisations 36,440 30,309
Prizes and awards 3,033 2,645
Depreciation of tangible fixed assets 696 492
Bank charges 4,090 4,379
426,101 404,303

Support costs

This page does not form part of the statutory financial statements

Page 26

THE INSTITUTION OF AGRICULTURAL ENGINEERS

DETAILED STATEMENT OF FINANCIAL ACTIVITIES DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
31.12.24 31.12.23
£ £
Support costs
Governance costs
Staff costs 15,897 12,144
Independent examiner's remuneration 3,000 2,825
Accommodation and premises costs 495 300
Postage and stationery 931 756
Computer costs and support 4,523 1,180
Accountancy and legal fees 4,284 3,996
Gifts 1,344 875
Depreciation of tangible fixed assets 174 342
30,648 22,418
Total resources expended 464,948 433,352
Net expenditure before gains and losses (38,571) (36,623)
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments 20,441 3,104
Net expenditure **(18,130) ** (33,519)

This page does not form part of the statutory financial statements

Page 27